The bitcoin exchange rate exceeded 55 thousand dollars per coin

The bitcoin exchange rate on February 19 exceeded the mark of 55 thousand dollars.

Bitcoin significantly began to rise in price in November. For example, on the night of November 6, the price of bitcoin on the Binance exchange set a new two-year high of 15.96 thousand dollars. After that, the price of the cryptocurrency decreased.

And on December 27, bitcoin rose to a record 27 thousand dollars and overtook Visa in market value. In early January, the exchange rate of this cryptocurrency exceeded the mark of 30 thousand dollars per coin. On February 8, the bitcoin exchange rate for some time exceeded the mark of 44 thousand dollars per coin.

On February 14, the value of the coin exceeded the mark of 49 thousand dollars, and on the 16th – 50 thousand dollars.

What will happen next with Bitcoin?

Against the background of the bitcoin exchange rate’s growth, forecasts of multiple increases in the value of the asset in the long term are increasingly heard. For example, Citibank managing director Tom Fitzpatrick suggested that the asset price could reach $ 318 thousand this year, and analysts at The Motley Fool consulting company expressed confidence that in the next 15 years, it will rise 10 times from current levels. However, experts believe that soon, bitcoin expects a correction.

If soon the coin will exceed $ 53 thousand (today it happened), then the further dynamics is an increase to the price of $ 56 thousand, said Michael Ross-Johnson, CEO of the P2P cryptocurrency platform Chatex. After that, he predicts a drawdown to $ 52-53 thousand or even lower.

“However, in the middle of spring, we may well see bitcoin at 100 thousand per coin,”

says Ross — Johnson.

Among the reasons for this growth, he called the bull market the arrival of the largest institutional investors, a limited number of bitcoins. Also, digital currencies have become a protective asset over the past year and caused certain hype, the expert added. Therefore, investors, both institutional and private, are now actively entering cryptocurrencies in an attempt to get the maximum profit. Which further contributes to the growth of the value of bitcoin.

The ratio of the volumes of buyers and sellers on the futures crypto platforms suggests that bitcoin will soon go to correction. Most likely, before it happens breakthrough rate of the first cryptocurrency in the region $ 54-55 million, but in March and April of this year, according to the expert, more likely correct than continue a protracted growth.

In the event of a prolonged correction, the target level will be $ 30 thousand. The continued growth of bitcoin to $ 70 thousand and above can be expected in the III-IV quarters of this year. However, for the market to show significant growth with the update of historical highs, a healthy price correction must occur on the assets, the probability of which increases with each new price surge.

At the moment, the probability of reaching the level of $ 100 thousand this year by the participants of the options market is estimated at less than 4%. Whether you reach $ 100 thousand, we can talk after the correction and achieve a sub-goal at the level of $ 70 million, which this year looks more promising and achievable,

Author: Steve Cowan
Graduated From Princeton University. He has been at the Free Press since October 2014. Previously worked as a regional entertainment editor.
Function: Chief-Editor